British multi family office LJ Group has allocated €100 million to an affordable student housing venture in Germany, already acquiring its first property in Berlin’s inner city.

The 30-year-old multi family office, which advises over $50 billion of assets, has partnered with Cresco Capital Group for the Cresco Urban Yurt venture.

Their first purchase in the student housing venture is a €60 million redevelopment of an aging building on Frankfurter Tor.

Once complete, the renovated building will sport 552 apartments alongside retail space on the ground and basement floors.

Andrew Williams, chief executive of LJ Group said: "The team are encouraged by the very evident opportunities presented by the student housing market in Germany”.

Supporting their claim is the German education ministry, who this year released figures suggesting that the influx of foreign students, which at 300,000 now accounts for a tenth of all students, could be increased by additional housing.

British estate agents Savills alike said in a 2013 report that while affordable student housing is available in most major German cities, opportunities still exist in cities where housing provision is low.

Cresco Capital Group cofounder, Alexander Bürk, and his partner Daniel Schuldig, a former private equity executive, have acquired and developed properties valued at over €500 million since 2006.